Median home sale prices reach a record high on Oahu in August 2018

By Malia L. Meenderman

Median home sale prices reach a record high on Oahu in August 2018. The Honolulu (Oahu) Real Estate statistics show that homes sales continue to rise. This is shown in the Oahu real estate statistics for the month of August 2018, which were released today. According to the analysis by the Honolulu real estate board, using data collected from its computerized Multiple Listing Service (MLS) system, the Oahu island housing supply and statistics are:

Oahu (Hawaii) Single-Family Home Re-sales

Number of Oahuhome sales

This MonthCompared To

Median* home sales price Oahu

This Month Compared To

Aug 2018

354

$810,000

Aug 2017

362

-2.2%

$786,250

+3.0%

Oahu Condominium Re-sales

Number of Oahucondo sales

This MonthCompared To

Median* Sales Price Oahu

This Month Compared To

Aug 2018

521

$427,000

Aug 2017

575

-9.4%

$419,000

+1.9%

*Median price means half the prices were above and half below the given price.

Median home sale prices reach a record high on Oahu in August 2018

During August, the median price paid for single-family homes increased by 3.0% year over year to a record of $810,000. The median price for condominiums increased by 1.9 percent from last year to $427,000. Sales of single-family homes declined by 2.2 percent year over year, while condominium sales fell by 9.4 percent from August 2017. According to the Days on Market indicator, single-family homes and condos were both on the market for 15 and 18 days, respectively.

Malia’s comments

“Median home sale prices have reached a record high at $810,000. This is with the median home sale price in popular Kailua town reaching $1 million. The high demand and fast market are pushing prices higher. We are still seeing such a high demand even though last month there was an uptick in new inventory, it was quickly absorbed by the incredible demand. This can be seen in the Days on Market indicator which is 15 days for homes and 18 days for condos. ”